Barnes & Noble Founder Seeks to Buy Chain

Barnes & Noble Feb. 25 said its board has received notice from Leonard Riggio, the bookseller’s founder, largest stockholder and chairman, that he plans to submit an offer to acquire all of the public chain’s assets in a private transaction.

There is no guarantee Riggio’s pending proposal would result in a sale of the retail business or in any other transaction, Barnes & Noble said. The company, which also markets the Nook tablet, said there is no timetable for when the board would review or act upon on the offer.

Barnes & Noble is one of the largest retailers of packaged media, including Blu-ray Disc and DVD movies and TV shows.

The chain reportedly plans to close about 20 retail stores a year throughout the next decade, CEO Mitchell Klipper told The Wall Street Journal last month.

The nation’s largest remaining bookseller plans to have from 450 to 500 stores operating in 10 years compared with the 689 stores it operated as of January. Barnes & Noble separately operates 674 college bookstores.